by Maurice Michaane
How the Deficit Commission Proposal Will Change Your Life
All in all, the proposals by the Co-Chair's would touch almost every facet of American life including, education, home ownership, charitable giving, seniors, and the business world. As it stands, I think this report is DOA (14 of the 18 Deficit Commission Members must approve the report for formal consideration by Congress). Even though the report calls for lowering tax rates and simplifying the code, the third rail issues of American politics are too sacrosanct and will overshadow any good that might be embedded in some of the solutions offered.
One thing is certain (in my opinion), it would be foolish for the lame duck session to tackle any of these issues, as the GOP will sit it out and the Democrats will not get any credit.
For a full description of the report and its proposals visit, click here.